The £200 million merger of grocery wholesaler Nisa-Today’s and convenience store chain Costcutter is back on track following the approval a new merger deal this week.
The improved offer from Costcutter will see Nisa-Today’s shareholders taking a 60 per cent stake in the merged business.
The merger is intended to help small chains compete with supermarkets and will be funded by Icelandic investment bank Kaupthing.
Kaupthing will begin a roadshow next month to sell the proposed deal to Nisa-Today’s 950 members, many of whom opposed the initial offer of a minority stake and up to £50,000 each.
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